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IPE special report May 2018

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Siemens fund taps into sponsor's venture capital FoF

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  • Siemens fund taps into sponsor's venture capital FoF

GERMANY - The German pension fund of Siemens AG, Europe's largest engineering company, and two insurers will provide the first $100m (€78m) for the company's first venture capital fund-of-funds.

Munich-based Siemens announced today it had launched Siemens Global Innovation Partners I, which will invest in venture capital funds worldwide as well as select growth capital funds.

The company said the fund has secured half of its target volume of $200m through its first closing with its German pension fund and "two leading European insurers".

Siemens Venture Capital GmbH (SVC), the central corporate venture capital organisation of Siemens, is SGIP I's general partner, according to a statement issued by the firm.

The target portfolio will include about 20 funds, approximately two-thirds of which will be invested in venture capital funds and select growth capital funds in North America, while the remaining investments will be sourced in Europe, Israel and Asia.

SVC has invested around €800m in over 150 companies and 40 venture capital funds to date.

Ralf Schnell, managing director of the firm said: "In contrast to SVC's previous approach, the fund's investment strategy is guided solely by financial criteria."

Siemens has been developing a single platform approach to its investment management for some time and intends to manage all of its pension fund investment selections from its Munich base. (See earlier IPE story: Siemens to create single manager selection platform)

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

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